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HomeMy WebLinkAboutR01-Redevelopment Agency REAVBI.CRBIr MJIIItC:'I-ICbJBST FOR a.-ss.c./COUNCIL AOION From: OPt: Glenda Saul, Executive Director Subject: BOND ISSUES - CENTRAL CITY NORTH AND SOUTHEAST INDUSTRIAL PARK Redevelopment Agency Date: March 26, 1987 Synopsis of Previous Commission/Council action: 10/11/83 - RESOLUTION 4537 AUTHORIZED THE ISSUANCE OF $11,000,000 SOUTHEAST INDUSTRIAL PARK TAX ALLOCATION REFUNDING BONDS. 11/15/82 - RESOLUTION 4413 AUTHORIZING THE ISSUANCE OF $6,300,000 CENTRAL CITY NORTH TAX ALLOCATION BONDS. 3/23/87 - ADJOURNED TO 3/30/87 TO DISCUSS FINANCING - CENTRAL CITY NORTH AND SOUTHEAST INDUSTRIAL PARK. (MAYOR AND COMMON COUNCIL) o Recommended motion: A. MOVE TO ADOPT RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, SETTING A PUBLIC HEARING IN CONNECTION WITH THE ISSUANCE BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO OF CERTAIN TAX ALLOCATION REFUNDING BONDS IN THE PRINCIPAL AMOUNT OF APPROXIMATELY $7,400,000 IN CONNECTION WITH THE REFUNDING OF THE AGENCY'S PREVIOUSLY ISSUED CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA, TAX ALLOCATION BONDS, ISSUE OF 1982. (MAYOR AND COMMON COUNCIL) B. MOVE TO ADOPT RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, SETTING A PUBLIC HEARING IN CONNECTION WITH THE ISSUANCE BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO OF CERTAIN TAX ALLOCATION REFUNDING BONDS IN THE PRINCIPAL AMOUNT OF APPROXIMATELY $13,125,000 IN CONNECTION WITH THE REFUNDING OF THE AGENCY'S PREVIOUSLY ISSUED SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA, TAX ALLOCA'gON REFUNDING ),pNDS, ISSUE OF 1983. /#-<:c.~t ~~// i!- (CONTINUED ON PAGE 2) ~ Signature Contact person: Glenda Saul Phone: 383-5081 1st and 3rd Ward Supporting data attached: Yes Ward: FUNDING REQUIREMENTS: Amount: $ Project: CCN & SEIP No adverse Impact on City: Date: March 30, 1987 oneil Notes: 0100H/RMM 3/30/87 Agenda Item No. / o o o o o o o From: Glenda Saul, Executive Director 80ND ISSUES - CENTRAL CITY NORTH AND SOUTHEAST INDUSTRIAL PARK RECOMMENDED MOTION CONTINUED FROM PAGE 1. (COMMUNITY DEVELOPMENT COMMISSION) C. RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING AND APPOINTING BOND COUNSEL AND THE INVESTMENT BANKER, AUTHORIZING PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND THE PREPARATION OF A CERTAIN 80ND PURCHASE AGREEMENT IN CONNECTION WITH THE ISSUANCE AND SALE OF AN APPROXIMATE PRINCIPAL AMOUNT EQUAL TO *7,400,000 OF TAX ALLOCATION REFUNDING BONDS OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO TO REFUND PREVIOUSLY ISSUED TAX ALLOCATION BONDS FOR THE CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA AND REQUESTING A PUBLIC HEARING IN CONNECTION THEREWITH. (COMMUNITY DEVELOPMENT COMMISSION) D. RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING AND APPOINTING BOND COUNSEL AND THE INVESTMENT BANKER, AUTHORIZING PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND THE PREPARATION OF A CERTAIN BOND PURCHASE AGREEMENT IN CONNECTION WITH THE ISSUANCE AND SALE OF AN APPROXIMATE PRINCIPAL AMOUNT EQUAL TO $13,125,000 OF TAX ALLOCATION REFUNDING BONDS OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO TO REFUND PREVIOUSLY ISSUED TAX ALLOCATION BONDS FOR THE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA AND REQUESTING A PUBLIC HEARING IN CONNECTION THEREWITH. (COMMUNITY DEVELOPMENT COMMISSION) E. RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO PROVIDING FOR THE SALE OF AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $3,500,000 OF TAX ALLOCATION BONDS WITH RESPECT TO THE CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA AND AUTHORIZING THE PREPARATION OF OFFERING DOCUMENTS AND THE PUBLICATION OF NOTICES TO SELL SAID TAX ALLOCATION BONDS OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO. (COMMUNITY DEVELOPMENT COMMISSION) F. RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO PROVIDING FOR THE SALE OF AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $3,500,000 OF TAX ALLOCATION BONDS WITH RESPECT TO THE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA AND AUTHORIZING THE PREPARATION OF OFFERING DOCUMENTS AND THE PUBLICATION OF NOTICES TO SELL SAID TAX ALLOCATION BONDS OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO. 0100H/RMM 3/30/87 REO'" OPMENT AGENCY.~ST FOR OMMISSION/COUNCIL A()ION STAFF REPORT c On March 23, 1987 the COlDlllission and Council adjourned to March 30, 1987, to review financings of the Agency. BACKGROUND Mr. Jeff Kinsell of Miller & Schroeder Municipals and Mr. Tim Sabo of Sabo & Deitsch will be present on March 30, 1987 to discuss with you in a workshop setting the following proposed bond issues. Refinancings - Due to the lower interest rates that are now achievable, financial consultant is recommending consideration of refunding our 1982 Central City North (CCN) bonds as well as our 1983 Southeast Industrial Park (SElP) bonds. It is estimated that we could achieve a *725,000 total debt service savings on CCN and *1,800,000 on SEIP. New Money Issues Public Improvements - Recently, public improvement projects have come to light that we feel should be considered at this time. o Southeast Industrial Park - "E" Street Bridge - The Commerce Center area has grown from virtually undeveloped land seven years ago to the fastest growing area of our city. Over the past several years new development in this area has increased by *90 million and has created an estimated 3,600 new jobs. Twenty-six acreas still remain undeveloped. Other than by freeway, the main access to this ever-growing area is along "E" Street. The entry and exit to this area is by way of a 36-foot wide bridge across the Santa Ana River. The continual growth of the area, as well as the "E" Street corridor to the north of the bridge, is such that the existing facility will not service existing needs, let alone potential growth. A need exists for an additional bridge over the Santa Ana River. The Engineering Department is currently soliciting proposals for a traffic/signalization study for this area. It is feared that traffic congestion could become so great that it could discourage continual growth and enjoyment of the area. Our financial consultant recommends that we seek whatever additional money we can from this project area. Our tax increment projections appear to substantiate that we could sell an issue for approximately *3,500,000. Net proceeds could be used to finance the bridge. o OlOOH/RMM 3/30/87 REC'VELOPMENT AGENCY.~EST FOR o-ISSION/COUNCIL AOON STAFF REPORT c Central City North - Streetscape - Recent discussions have been held to initiate a Main Street Revitalization Program for downtown. We recommend that the Agency provide the streetscape public improvements for this project. Bond Council and Financial Consultant are recommending a not-to-exceed issuance of $3,500,000. This could be reduced upon final analysis. Bond Council has prepared the appropriate resolutions for your adoption if at the conclusion of the workshop you have determined that staff should proceed. The resolutions before you are summarized below: Refundings Authorization by City to set the TEFRA hearing for April 20, 1987. Authorization by Commission appointing bond counsel and underwriter, authorizing preparation of the preliminary official statement and bond purchase agreement. The Resolution of Issuance approving all the formal documents will be considered following the April 20, 1987, TEFRA hearing. Closing of the two refunding issues is snticipated for the end of April 1987. o New Money Issues Resolutions of the Commission providing for the sale, authorizing the publication of Notice of Sale and offering documents. It is anticipated that the sale will be set for May the May 4, 1987, meeting to be adjourned to May 7. that this issue could close in mid-May. 7, 1987, requiring It is anticipated o 0100H/RMM 3/30/87 o o o o o o o SBE00086-5/2284S/kl 3/27/87 RESOLUTION NO. RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, SETTING A PUBLIC HEARING IN CONNECTION WITH THE ISSUANCE BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO OF CERTAIN TAX ALLOCATION REFUNDING BONDS IN THE PRINCIPAL AMOUNT OF APPROXIMATELY $7,400,000 IN CONNECTION WITH THE REFUNDING OF THE AGENCY'S PREVIOUSLY ISSUED CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA, TAX ALLOCATION BONDS, ISSUE OF 1982 WHEREAS, the City of San Bernardino, California (the "City") is a municipal corporation and a charter city, duly organized and existing under and pursuant to the Constitution and the laws of the State of California and under the Charter of the City; and WHEREAS, the Redevelopment Agency of the City of San Bernardino (the "Agency") is a public body, corporate and politic, duly established and authorized to transact business and exercise its powers under and pursuant to the provis ions of the Community Redevelopment (Part 1 (commencing with Law of Division 24 Section 33000) Health and Safety Code of the State of California) (the "Law") and the powers of the Agency include the power to issue bonds and refunding bonds for any of its corporate purposes; and WHEREAS, the Redevelopment Plan for a redevelopment project known and designated as the .Central City North Redevelopment Project Area" has been adopted and approved by Ordinance No. 3366 of the City, which became effective on September 10, 1973, and all - 1 - o o o o o requirements of law for and precedent to the adoption and approval of the Redevelopment Plan have been duly complied with; and WHEREAS, under and pursuant to Resolution No. 4412, and on December 29, 1982, the Agency issued $6,300,000 "Redevelopment Agency of the City of San Bernardino, Central City North Redevelopment Project Area, Tax Allocation Bonds, Issue of 1982" (the "1982 Bonds"); and o WHEREAS, the Agency has expressed its intention to issue certain tax allocation refunding bonds (the "Bonds") in an aggregate principal amount approximately equal to $7,400,000 pursuant to the applicable provisions of the Government Code of the State of California (the "Refunding Bond Law") in order to obtain better financing terms and to lower the borrowing costs for the Agency for the purpose of refunding the 1982 Bonds; and WHEREAS, section l47(f) of the Internal Revenue Code of 1986 (the "Code") requires that the issuance of such refunding bonds, including such bonds issued for the purpose of advance refunding certain previously issued tax allocation bonds, shall be approved by the applicable governmental representative after a duly held and noticed public hearing; and WHEREAS, the City has been requested by the Agency to hold a public hearing pursuant to said Section 147 of the Code for the o - 2 - o o o o c:; issuance of the Bonds by the Agency as permitted by the Law and the Refunding Bond Law for the purpose of refunding the 1983 Bonds; and o o WHEREAS, it is appropriate at this time for the City to take certain action regarding the request of the Agency. NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Pursuant to the requirements of Section 147(f) of the Code, the Mayor and Common Council hereby set the public hearing to be held in accordance with said Code on Monday, April 20, 1987, at the hour of 9:00 A.M., in the regular meeting place of the Mayor and Common Council, Council Chambers, City Hall, 300 North "D" Street, San Bernardino, California, and the same are hereby appointed and fixed as the time and place when and where the public hearing will be held for the purpose of considering the public benefits and public purposes to be furthered by the financing or financings contemplated by the action of the City pursuant to this Resolution for the issuance of the Bonds. Section 2. The City Clerk is hereby authorized and directed to cause notice of said public hearing to be published by at least two (2) insertions, one of which was at least fourteen (14) days prior to the date of said hearing, in The Sun, a newspaper of general circulation within the City. Said notice shall be - 3 - o o o o o substantially in the form attached hereto as Exhibit "A" and incorporated herein by reference and made a part hereof. I HEREBY adopted by the San Bernardino at held on the the following vote, CERTIFY Mayor a that and the foregoing Common Counci 1 resolution of the meeting was duly City of thereof, 1987, by day of to wit: AYES: Council Members NAYS: ABSENT: City Clerk o day of The foregoing resolution is hereby approved this , 1987. Mayor of the City of San Bernardino Approved as to form: d~( ~ ~;,yz-. &(,I.City Attorney ,/J ./ / o - 4 - o o o o o EXHIBIT A NOTICE OF PUBLIC HEARING BY THE CITY COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, FOR THE ISSUANCE BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO OF CERTAIN TAX ALLOCATION REFUNDING BONDS IN THE PRINCIPAL AMOUNT OF APPROXIMATELY $7,400,000 IN CONNECTION WITH THE REFUNDING OF THE AGENCY'S PREVIOUSLY ISSUED CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA, TAX ALLOCATION BONDS, ISSUE OF 1982 NOTICE IS HEREBY GIVEN that a public hearing shall be conducted by the Mayor and Common Council of the City of San Bernardino, California (the "Mayor and Common Council"). on Monday, April 20, 1987, at the hour of 9: 00 A.M., in the Council Chambers, City Hall, 300 North "D" Street, San Bernardino, California 92418, for the purpose as hereinafter set forth. o The purpose of said public hearing to be held in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), is to consider the issuance by the Redevelopment Agency of the City of San Bernardino (the "Agency") of certain tax allocation refunding bonds for the purpose of financing a "redevelopment activity" within the meaning of Section 33678 of the Health and Safety Code of the State of California by means of advance refunding the $6,300,000 Redevelopment Agency of the City of San Bernardino, Centra 1 City North Redevelopment Proj ect Area, Tax Allocation Bonds, Issue of 1982 (the "Prior Bonds"). The Prior Bonds were issued pursuant to Resolution No. 4412, adopted on November 15, 1982, to assist in the financing of the Central City North Redevelopment Project Area (the "project"). The Agency intends to issue its tax allocation refunding bonds pursuant to the Community Redevelopment Law (Health and Safety Code Section 33000, et seq.) (the "Law") and the Government Code Section 53580, et seq. (the "Refunding Bond Law"), in the aggregate principal amount currently estimated to be approximately $7,400,000, the proceeds of which will be used to advance refund the Prior Bonds and to pay certain costs of issuance including certain financing, legal and miscellaneous expenses and contingencies. The Agency intends to issue its refunding bonds pursuant to the Law and the Refunding Bond Law in an amount presently estimated to be approximately $7,400,000 for the advance refunding of the Prior Bonds without any liability being incurred by the City of San Bernardino, California, or the Agency in connection with the issuance of said refunding bonds of the Agency. All persons interested in the subject matter and the public purposes and public benefits and the issuance by the Agency of its tax allocation refunding bonds in an estimated principal amount of approximately $7,400,000 in furtherance of the proj ect may attend o A-I o o o o o such hearing at the time and on the date as above set forth and/or file their written comments thereto. NOTICE GIVEN as of this day of , 1987. /s/ Shauna Clark City Clerk of the City of San Bernardino, California To be published in The Sun. /2284S o o A-2 o o o o o SBE00085-7/2285S/jln 03/27/87 o o RESOLUTION NO. RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, SETTING A PUBLIC HEARING IN CONNECTION WITH THE ISSUANCE BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO OF CERTAIN TAX ALLOCATION REFUNDING BONDS IN THE PRINCIPAL AMOUNT OF APPROXIMATELY $13 ,125,000 IN CONNECTION WITH THE REFUNDING OF THE AGENCY'S PREVIOUSLY ISSUED SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA, TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1983 WHEREAS, the City of San Bernardino, California (the "City") is a municipal corporation and a charter city, duly organized and existing under and pursuant to the Constitution and 'the laws of the State of California and under the charter of the City; and WHEREAS, the Redevelopment Agency of the City of San Bernardino (the "Agency") is a public body, corporate and politic, duly established and authorized to transact business and exercise its powers under and pursuant to the provisions of the Community Redevelopment (pa rt 1 Division 24 (commencing with Law of Section 33000) Health and Safety Code of the State of California) (the "Law") and the powers of the Agency include the power to issue bonds and refunding bonds for any of its corporate purposes; and T WHEREAS, the Redevelopment Plan for a redevelopment project known and designated as the "Southeast Industrial Park Redevelopment Project Area" has been adopted and approved by Ordinance No. 3583 of the City, which became effective on July 24, 1976, and all - 1 - o o o o o requirements of law for and precedent to the adoption and approval of the Redevelopment Plan have been duly complied with; and WHEREAS, under and pursuant to Resolution No. 4774, and on October 11, 1983, the Agency issued $11,000,000 "Redevelopment Agency of the City of San Bernardino, Southeast Industrial Park Redevelopment Project Area, Tax Allocation Refunding Bonds, Issue of 1983" (the "1983 Bonds"); and o WHEREAS, the Agency has expressed its intention to issue certain tax allocation refunding bonds (the "Bonds") in an aggregate principal amount approximately equal to $13,125,000 pursuant to the applicable provisions of the Government Code of the State of California (the "Refunding Bond Law") in order to obtain better financing terms and to lower the borrowing costs for the Agency for the purpose of refunding the 1983 Bonds; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986 (the "Code") requires that the issuance of such refunding bonds, including such bonds issued for the purpose of advance refunding certain previously issued tax allocation bonds, shall be approved by the applicable governmental representative after a duly held and noticed public hearing; and WHEREAS, the City has been requested by the Agency to hold a public hearing pursuant to said Section 147 of the Code for the c:> issuance of the Bonds by the Agency as permitted by the Law and the - 2 - o o o o o o o Refunding Bond Law for the purpose of refunding the 1983 Bonds; and WHEREAS, it is appropriate at this time for the City to take certain action regarding the request of the Agency. NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Pursuant to the requi rements of Section 147(f) of the Code, the Mayor and Common Council hereby set the public hearing to be held in accordance with said Code on Monday, April 20, 1987, at the hour of 9:00A.M., in the regular meeting place of the Mayor and Common Council, Council Chambers, City Hall, 300 North "0" Street, San Bernardino, California, and the same are hereby appointed and fixed as the time and place when and where the pUblic hearing will be held for the purpose of considering the public benefits and public purposes to be furthered by the financing or financings contemplated by the action of the City pursuant to this Resolution for the issuance of the Bonds. ~ - 3 - o o o o Section 2. The City Clerk is hereby authorized and o directed to cause notice of said pUblic hearing to be published by at least two (2) insertions, one of which was at least fourteen (14) days prior to the date of said hearing, in The Sun, a newspaper of general circulation within the City. Said notice sha 11 be substantially in the form attached hereto as Exhibit "A" and incorporated herein by reference and made a part hereof. I HEREBY adopted by the San Bernardino at held on the the fOllowing vote, CERTIFY Mayor a that and the foregoing Common Counci 1 resolution of the meeting was duly City of thereof, 1987, by day of to wit: AYES: Council Members o NAYS: ABSENT: City Clerk day of The foregoing resolution is hereby approved this , 1987. Mayor of the City of San Bernardino Approved as to form: ff4~ jh.fkl..City Attorney o - 4 - o o o o o EXHIBIT A NOTICE OF PUBLIC HEARING BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, FOR THE ISSUANCE BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO OF CERTAIN TAX ALLOCATION REFUNDING BONDS IN THE PRINCIPAL AMOUNT OF APPROXIMATELY $13,125,000 IN CONNECTION WITH THE REFUNDING OF THE AGENCY'S PREVIOUSLY ISSUED SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA, TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1983 NOTICE IS HEREBY GIVEN that a public hearing shall be conducted by the Mayor and Common Council of the City of San Bernardino, California (the "Mayor and Common Council"), on Monday, April 20, 1987, at the hour of 9:00 A.M.. in the Council Chambers, Ci ty Hall, 300 North "D" Street, San Bernardino, Ca li fornia 92418, for the purpose as hereinafter set forth. o The purpose of said public hearing to be held in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), is to consider the issuance by the Redevelopment Agency of the City of San Bernardino (the "Agency") of certain tax allocation refunding bonds for the purpose of financing a "redevelopment activity" within the meaning of Section 33678 of the Health and Safety Code of the State of California by means of advance refunding the $11,000,000 Redevelopment Agency of the City of San Bernardino, Southeast Industrial Park Redevelopment Project Area, Tax Allocation Refunding Bonds, Issue of 1983 (the "Prior Bonds"). The Prior Bonds were issued pursuant to Resolution No. 4537, adopted on October 11, 1983, to assist in the financing of the Southeast Industrial Park Redevelopment Project Area (the "Project"). The Agency intends to issue its tax allocation refunding bonds pursuant to the Community Redevelopment Law (Health and Safety Code Section 33000, et seq.) (the "Law") and the Government Code Section 53580, et seq. (the "Refunding Bond Law"), in the aggregate principal amount currently estimated to be approximately $13 ,125.000, the proceeds of which wi 11 be used to advance refund the Prior Bonds and to pay certain costs of issuance including certain financing, legal and miscellaneous expenses and contingencies. The Agency intends to issue its refunding bonds pursuant to the Law and the Refunding Bond Law in an amount presently estimated to be approximately $13,125,000 for the advance refunding of the Prior Bonds without any liability being incurred by the City of San Bernardino, California, or the Agency in connection with the issuance of said refunding bonds of the Agency. o All persons interested in the subject matter and the public purposes and public benefits and the issuance by the Agency of its tax allocation refunding bonds in an estimated principal amount of approximately $13,125,000 in furtherance of the project may attend A-I o o o o o o o such hearing at the time and on the date as above set forth and/or file their written comments thereto. NOTICE GIVEN as of this To be published in The Sun. /2285S day of March, 1987. /s/ Shawna Clark City Clerk of the City of San Bernardino, California A-2 o o o o o o o SBE00085-4/2288S/nb 03/27/87 RESOLUTION NO. RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING AND APPOINTING BOND COUNSEL AND DNESTMENT BANKER AUTHORIZING PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND THE PREPARATION OF A CERTAIN BOND PURCHASE AGREEMENT IN CONNECTION WITH THE ISSUANCE AND SALE OF AN APPROXIMATE PRINCIPAL AMOUNT EQUAL TO $7,400,000 OF TAX ALLOCATION REFUNDING BONDS OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO TO REFUND PREVIOUSLY ISSUED TAX ALLOCATION BONDS FOR THE CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA AND REQUESTING A PUBLIC HEARING IN CONNECTION THEREWITH. WHEREAS, the Community Development Commission of the City of San Bernardino (the .Community Development Commission"), is taking action for the Redevelopment Agency of the City of San Bernardino (the "Agency"), a redevelopment agency (a public body, corporate and politic) duly established and authorized to transact business and exercise powers under and pursuant to the provisions of the Community Redevelopment Law of the State of California (Part 1 of Division 24 (commencing with Section 33000) of the Health and Safety Code of the State of California) (the "Law"), and the powers of the Agency include the power to issue bonds and refunding bonds for any of its corporate purposes; and WHEREAS, the Redevelopment Plan for a redevelopment project known and designated as the "Central City North Redevelopment Project Area" has been adopted and approved by Ordinance No. 3366 of the City of San Bernardino, which became effective on September 10, - 1 - "- o o o o o 1973 (the "Redevelopment Plan"), and all requirements of law for and precedent to the adoption and approval of the Redevelopment Plan have been duly complied with; and WHEREAS, under and pursuant to Resolution No. 4412, and on December 29. 1982, the Agency issued $6.300,000 of "Redevelopment Agency of the City of San Bernardino. Central City North Redevelopment Proj ect Area, Tax Allocation Bonds. Issue of 1982" (the "1982 Bonds"); and WHEREAS. the Agency deems it necessary at this time to issue certain refunding bonds enti t led the "Redevelopment Agency of the City of San Bernardino, Central City North Redevelopment Project o Area, Tax Allocation Refunding Bonds, Issue of 1987" (the "Bonds") in the approximate principal amount of $7,400,000 pursuant to the applicable provisions of the Government Code of the State of California in order to obtain better financing terms and to lower the borrowing costs for the Agency for the purpose of refunding the 1982 Bonds; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"). requires that a public hearing be held in connection with the issuance of bonds including such bonds issued for the purpose of advance refunding certain previously issued tax allocation bonds; and o - 2 - o o o o o o o WHEREAS, the Agency deems it desirable at this time to request that the Mayor and Common Council of the City of San Bernardino, California (the "Mayor and Common Council"), as the applicable governmental unit with respect to the Agency and as defined in said Section 147(f), hold a public hearing pursuant to said Section 14 7 (f) of the Code for the issuance and sale of the Bonds by the Agency to provide funds for the refunding of the 1982 Bonds; and WHEREAS, it is desirable at this time that the Agency appoint and approve bond counsel and an underwriter, authorize the preparation and distribution of a preliminary official statement and authorize the preparation of a bond purchase agreement in connection with the issuance and sale of the Bonds. NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. The Agency hereby appoints and approves Sabo & Deitsch, a Professional Corporation, Woodland Hills, California (flBond Counsel"), to serve as Bond Counsel to the Agency in connection with the issuance and sale of the Bonds. Section 2. The Agency hereby appoints and approves Miller & Schroeder Financial, Inc. (the "Investment Banker") as the ll'l1vestment Banker to provide professional consulting and investment - 3 - o o o o o o o banKing services in connection with the issuance and sale of the Bonds, and said firm shall be the initial purchaser of the Bonds pursuant to the Bond Purchase Agreement herein authorized to be prepared. Section 3. Banker Investment.t, w1th The Agency hereby authorizes and directs the the assistance of the Executive Director, appropriate Staff of the Agency and Bond Counsel, to prepare the form of Bond Purchase Agreement, which shall set forth the terms and provisions of the sale of the Bonds when the same have been ascertained, for the negotiated sale of the Bonds to the Underwriter pursuant to the provisions of Article 11 of Chapter 3 of Part 1 of Di vision 2 of Tit Ie 5 (commencing with the Section 53580) of Government Code of the State of California. Section 4. The Agency hereby authorizes and directs the and Agency Counsel Executive Director upon the advice of Bond Counsel to the Agency/ to execute the final form of the Bond Purchase Agreement which shall set forth the final terms and provisions of the sale of the Bonds, Banker when the same have been ascertained by the Investment! and as may be deemed desirable under the circumstances to evidence a sale of such Banker Bonds to the Investment/ at such time as the Executive Director shall deem appropriate to obtain the best financing costs available to the Agency to accomplish the refunding of the 1982 Bonds. Any such Bond Purchase Agreement as shall be executed by the Executive Director on behalf of the Agency shall be subject to the prior approval of Bond Counsel and shall thereafter be presented to - 4 - o o o o o the Agency at the time of final approval of all applicable documents and at the time of the approval of the issuance of the Bonds by the Mayor and Common Council at a duly called and held public hearing in connection therewith. Section 5. The Agency hereby authorizes and directs the Banker Investment/, with the assistance of the Executive Director and other appropriate Staff of the Agency, to prepare a Preliminary Official Statement for use in the sale of the Bonds, and to distribute said Preliminary Official Statement when the same shall become available for distribution to prospective purchasers of the Bonds upon Agency Counsel, approval thereof by Bond Counseljand by the Executive Director. The o Agency hereby approves the completion of the Preliminary Official Statement by the inclusion and/or addition of certain dates and other factual information together with such changes, modifications or deletions as shall be deemed appropriate, necessary or desirable _ Agency Counsel by the Executive Director, ,.and Bond Counsel, and as required to convert the same to a Final Official Statement. Section 6. The Executive Di rector together wi th Agency Staff and Bond Counsel are hereby authorized and directed to prepare all necessary documents and to take all necessary actions to consummate the issuance of the Bonds and to accomplish the refunding of the 1982 Bonds and to present such documents to the Agency and the Mayor and Common Council including, but not limited to, o obtaining municipal bond insurance, the submission of any and all documents to a municipal bond rating agency, and the distribution of - 5 - o o o c o o o the Preliminary Official Statement when the same shall become available for distribution. Section 7. to the requirements of Pursuant Section 147(f) of the Code, the Agency hereby requests that the Mayor and Common Council hold a public hearing in connection with the issuance and sale of the Bonds by the Agency, on Monday, April 20, 1987, at the hour of 9:00 A.M., in the Council Chambers, City Hall, 300 North "0" Street, San Bernardino, California 92418. Section 8. The Agency hereby requests that a certified copy of this Resolution be filed with the City Clerk. Section 9. This Resolution shall take effect upon adoption. ADOPTED: Approved as to Legal Form and Adequacy: BY' ~,. f&~ Counsel to the Commi n - 6 - o o o o o o o SECRETARY'S CERTIFICATE OF ADOPTION AND AUTHENTICATION I, GLENDA SAUL, Secretary of the Community Development Commission, DO HEREBY CERTIFY that the attached Resolution is a true and correct copy of Resolution No. adopted ,19 ,by the Community Development Commission of the City of San Bernardino, by the vote set forth below, and that said Resolution has not been amended or repealed. COMMISSION MEMBERS ESTHER ESTRADA JACK REILLY RALPH HERNANDEZ STEVE MARKS GORDON QUIEL DANIEL FRAZIER JACK STRICKLER DATED: Check Appropriate Box YEAS NAYS ABSENT ABSTAIN [] [] [] [] [] [] [] [] [] [] [] [] [] [] [] [] [] [] [] [] [] [] 1=1 1=1 1=1 1=1 1=1 1=1 , 1987. [SEAL] /2288S Glenda Saul, Secretary of the Community Development Commission of the City of San Bernardino o o o SBE0086-7/2287S/krl 03/27/87 o o RESOLUTION NO. A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, APPROVING AND APPOINTING BOND COUNSEL AND INVEST- MENT BANKER AUTHORIZING PREPARATION AND Dl::;'l'RIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND THE PREPARATION OF A CERTAIN BOND PURCHASE AGREEMENT IN CONNECTION WITH THE ISSUANCE AND SALE OF AN APPROXIMATE PRINCIPAL AMOUNT EQUAL TO $13 ,125,000 OF TAX ALLOCATION REFUNDING BONDS OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO TO REFUND PREVIOUSLY ISSUED TAX ALLOCATION BONDS FOR THE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AND REQUESTING A PUBLIC HEARING IN CONNECTION THEREWITH WHEREAS, the Community Development Commission of the City of San Bernardino (the "Community Development Commission"), is taking action for the Redevelopment Agency of the City of San o Bernardino (the "Agency"), a redevelopment agency (a public body, corporate and pOlitic) duly established and authorized to transact business and exercise powers under and pursuant to the provisions of the Community Redevelopment Law of the State of California {Part 1 of Division 24 (commencing with Section 33000) of the Health and / California) (the "Law"), and the powers Safety Code of the State of of the Agency include the power to issue bonds and refunding bonds for any of its corporate purposes; and WHEREAS, the Redevelopment Plan for a redevelopment project known and designated as the "Southeast Industrial Park Redevelopment Project Area" has been adopted and approved by Ordinance No. 3583 of o - 1 - - the City of San Bernardino, which became effective on July 24, (the "Redevelopment Plan"). and all requirements of law for precedent to the adoption and approval of the Redevelopment have been duly complied with; and 1976 and Plan WHEREAS, under and pursuant to Resolution No. 4774, on October 11, 1983, the Agency issued $11,000,000 of "Redevelopment Agency of the City of San Bernardino, Southeast Industrial Park Redevelopment Project Area, Tax Allocation Refunding Bonds, Issue of 1983" (the "1983 Bonds"); and WHEREAS, the Agency deems it necessary at this time to issue certain refunding bonds entitled the "Redevelopment Agency of .. the City of San Bernardino, Southeast Industrial Park Redevelopment Project Area, Tax Allocation Refunding Bonds, Issue of 1987" (the "Bonds") in the approximate principal amount equal to $13 ,125,000 pursuant to the applicable provisions of the Government Code of the State of California in order to obtain better financing terms and to lower the borrowing costs for the Agency for the purpose of refunding the 1983 Bonds; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), requires that a public hearing be held in connection with the issuance of bonds including such bonds issued for the purpose of advance refunding certain previously issued tax allocation bonds; and . - 2 - o o o o o o o WHEREAS, the Agency deems it desirable at this time to request that the Mayor and Common Council of the City of San Bernardino, California (the "Mayor and Common Council"), as the applicable governmental unit with respect to the Agency and as defined in said Section 147(0, hold a public hearing pursuant to said Section 147(0 of the Code for the issuance and sale of the Bonds by the Agency to provide funds for the refunding of the 1983 Bonds; and WHEREAS, it is desirable at this time that the Agency ,appoint and approve bond counsel and an underwriter, authorize the preparation and distribution of a preliminary official statement and authorize the preparation of a bond purchase agreement in connection with the issuance and sale of the Bonds. NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. The Agency hereby appoints and approves Sabo & Deitsch, a Professional Corporation, Woodland Hills, California ("Bond Counsel"), to serve as Bond Counsel to the Agency in connection with the issuance and sale of the Bonds. Section 2. The Agency hereby appoints and approves Miller & Schroeder Financial, Inc. (the "Investment Banker") as the Inv~st~nt Banker to provide professional consulting and investment - 3 - o o o o o BANKING services in connecL.on with the issuance and sale of the Bonds, and said firm shall be the initial purchaser of the Bonds pursuant to the Bond Purchase Agreement herein authorized to be prepared. Section 3. Investment Sanker with The Agency hereby authorizes and directs the the assistance of the Executive Director, appropriate Staff of the Agency and Bond Counsel, to prepare the form of Bond Purchase Agreement, which shall set forth the terms and provisions of the sale of the Bonds when the same have been ascertained, for the negotiated sale of the Bonds to the Underwriter pursuant to the provisions of Article 11 of Chapter 3 of Part 1 of o Division 2 of Title 5 (commenc ing wi th Section 53580) of the Government Code of the State of California. section 4. The Agency hereby authorizes and directs the , the Agency Ccan~el Executive Director upon the advice of Bond Counsel to the Agency,/to execute the final form of the Bond Purchase Agreement which shall set forth the final terms and provisions of the sale of the Sonds, In vestmen t when the same have been ascertained by the Banker and as may be deemed desirable under the circumstances to evidence a sale of such Investment Bonds to the Sanker at such time as the Executive Director shall deem appropriate to obtain the best financing costs available to the Agency to accomplish the refunding of the 1983 Bonds. Any such Bond Purchase Agreement as shall be executed by the Executive o Director on behalf of the Agency shall be subject to the prior - 4 - o o o o approval of Bond Counsel and shall thereafter be presented to the o Agency at the time of final approval of all applicable documents and at the time of the approval of the issuance of the Bonds by the Mayor and Common Council at a duly called and held public hearing in connection therewith. Section 5. The Agency hereby authorizes and directs the Investment Banker with the assistance of the Executive Director and other appropriate Staff of the Agency, to prepare a Preliminary Official Statement for use in the sale of the Bonds, and to distribute said Preliminary Official Statement when the same shall become available for distribution to prospective purchasers of the Bonds upon Agency Counsel approval thereof by Bond Counsell, and the Executive Director. The o Agency hereby approves the completion of the Preliminary Official Statement by inclusion and/or addition of certain dates and other factual information together with such changes, modifications or deletions as shall be deemed appropriate, necessary or desirable by Agency Counsel the Executive Director/and Bond Counsel, and as required to convert the same to a Final Official Statement. Section 6. The Executive Director together with Agency Staff and Bond Counsel are hereby authorized and directed to prepare all necessary documents and to take all necessary actions to consummate the issuance of the Bonds and to accomplish the refunding of the 1983 Bonds and to present such documents to the Agency and the Mayor and Common Council including, but not limited to, o obtaining municipal bond insurance, the submission of any and all - 5 - documents to a municipal bond rating agency and the distribution of eo the Preliminary Official Statement when the same shall become available for distribution. Section 7. Pursuant to the requirements of Section l47(f) of the Code, the Agency hereby requests that the Mayor and Common Counci 1 hold a public hearing in connection with the issuance and sale of the Bonds by the Agency, on Monday, April 20, 1987, at the hour of 9:00 A.M.. in the Council Chambers, City Hall, 300 North "0" Street, San Bernardino, California 92418. Section 8. The Agency hereby requests that a certified copy of this Resolution be filed with the City Clerk. .. Section 9. This Resolution shall take effect upon adoption. ADOPTED: Approved as to Legal Form and Adequacy: By: tilth, Counsel .. - 6 - o o o o o o o SECRETARY'S CERTIFICATE OF ADOPTION AND AUTHENTICATION I, GLENDA SAUL, Secretary of the Community Development Commission, DO HEREBY CERTIFY that the attached Resolution is a true and correct copy of Resolution No. adopted ,19 ,by the Community Development Commission of the City of San Bernardino, by the vote set forth below, and that said Resolution has not been amended or repealed. COMMISSION MEMBERS ESTHER ESTRADA JACK REILLY RALPH HERNANDEZ STEVE MARKS GORDON QUIEL DANIEL FRAZIER JACK STRICKLER DATED: [SEAL] /2287S Check Appropriate Box YEAS NAYS ABSENT ABSTAIN [] [] [] [] [] [] [] [] [] [] [] [] [] [] [] [] [] I~] [] [] 1=1 [] [] 1=1 1=1 [] 1=1 1=1 , 1987. Glenda Saul, Secretary of the Community Development Commission of the City of San Bernardino o o o o SBE00089-1/2294S/nb 3/27/87 o RESOLUTION NO. A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, PROVIDING FOR THE SALE OF AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $3,500,000 OF TAX ALLOCATION BONDS WITH RESPECT TO THE CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA AND AUTHORIZING THE PREPARATION OF OFFERING DOCUMENTS AND THE PUBLICATION OF NOTICES TO SELL SAID TAX ALLOCATION BONDS OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO WHEREAS, the Community Development Commission of the City of San Bernardino (the "Community Development Commission") is taking action for the Redevelopment Agency of the City of San Bernardino ,(the "Agency"), a redevelopment agency (a public body, corporate and politic), duly created, established and authorized to transact o business and exercise its powers, all under and pursuant to the Community Redevelopment Law (Part 1 of Division 24 (commencing with Section 33000 of the Health and Safety Code of the State of California) (the "Law"), and the powers of the Agency include the power to issue bonds, notes or other forms of indebtedness for any of its corporate purposes; and WHEREAS, the Redevelopment Plan for redevelopment project known and designated as the "Central City North Redevelopment Project Area" has been adopted and approved by Ordinance No. 3366 of the City of San Bernardino, California (the "City"), which became effective on September 10, 1973 (the "Redevelopment Plan"). and all o requirements of law for and precedent to the adoption and approval of the Redevelopment Plan have been duly complied with; and - 1 - o o o o o WHEREAS, the Agency shall hereafter adopt its resolution approving and providing for the issuance of certain tax allocation bonds for the corporate purposes of the Agency to aid in the financing of a Redevelopment Project known as the Central City North Redevelopment Project Area (the "Project Area"); and WHEREAS, the Agency deems it necessary to authorize at this time the sale of the "Redevelopment Agency of the City of San Bernardino, Central City North Redevelopment Project Area, Tax Allocation Bonds, Issue of 1987", in an aggregate principal amount not to exceed $3,500,000 (the "Bonds") as shall be authorized by the appropriate Resolution of Issuance of the Agency; and o WHEREAS, the Agency deems it advisable to approve a financial consultant and bond counsel and to authorize certain actions in connection with the issuance of the Bonds to be issued by the Agency; and WHEREAS, the Agency deems it necessary at this time to authorize the Agency Staff to prepare and publish the appropriate form of the Notice Inviting Bids and Notice of Intention to Sell Bonds and other offering documents for the purchase of said Bonds and to take certain other actions in connection therewith, as shall be further authorized by the Resolution of Issuance of the Agency. o - 2 - o o o o o NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Approval and Appointment of Bond Counsel. The firm of Sabo & Deitsch, a Professional Corporation, is hereby approved, authorized and appointed to serve as Bond Counsel to the Agency.in connection with the issuance and sale of the Bonds. Section 2. Approval and Appointment of Financial Consultant. The firm of Miller & Schroeder Financial, Inc., is hereby approved, authorized and appointed to serve as the Financial Consultant to the Agency in connection with the issuance and sale of o the Bonds. Section 3. Sale Authorized. The sale of the "Redevelopment Agency of the City of San Bernardino, Central City North Redevelopment Proj ect Area, Tax Allocation Bonds, Issue of 1987", in an aggregate principal amount not to exceed $3,500,000 in accordance with law, is hereby authorized. Section 4. Notice of Intention to Sell Bonds and Notice Invitinq Bids. The Executive Director, with the assistance of the Financial Consultant and Bond Counsel to the Agency, is hereby authorized and directed to prepare the Notice of Intention to Sell Bonds and the Notice Inviting Bids and the Bid Form for the purchase of the Bonds. o - 3 - . o o o o Section 5. Publication of Notice of Intention to Sell o Bonds. The Secretary of the Agency shall cause the Notice of Intention to Sell Bonds, in a form as shall be approved by the Executive Director, to be published in The Sun, newspaper published and of general circulation in the City of San Bernardino, California, by at least one (1) insertion and at least ten (10) days prior to the day to be fixed by Bond Counsel for the receipt of bids for said Bonds. The Secretary of the Agency shall also cause the appropriate form of Notice of Intention to Sell Bonds, in a form as shall be approved by the Executive Director, to be published in The Bond Buyer, a financial publication generally circulated throughout the State by at least one (1) insertion at least fifteen (15) days prior to the day to be so fixed by Bond Counsel for the receipt of o bids for said Bonds. Section 6. Terms and Conditions of Sale. The terms and conditions of the offering and sale of the Bonds shall be specified in said Notice Inviting Bids. Section 7. Official Statement Authorized. The Agency hereby authorizes, to be furnished to prospective bidders for said Bonds and to the successful bidder, a Preliminary Official Statement as prepared by the Financi a 1 Consultant' wi th the approval of the Agency Counsel Executive Director/ and Bond Counselor such other appropriate offering documents as shall be prepared by the Financial Consultant Agency Counsel with the approval of the Executive Director/ and Bond Counsel o substantially in the form of offering documents previously used by - 4 - o o o o o the Agency fo~ p~io~ tax allocation financings. The Agency he~eby app~oves the completion of the P~elimina~y Official Statement by the inclusion and/o~ addition of ce~tain dates and othe~ factual info~mation togethe~ with such changes, modifications and deletions as shall be deemed app~op~iate, necessa~y o~ desi~able by the Agency Counsel Executive Di~ecto~ land Bond Counsel and as ~equi~ed to conve~t the same to a Final Official Statement. Section 8. Fu~nishinq of Notice Inviting Bids and Official Statement. The Sec~eta~y of the Agency and the Financial Consultant a~e he~eby autho~ized and di~ected to cause to be ,fu~nished to p~ospective bidde~s a ~easonable numbe~ of copies of the Notice Inviting Bids (including the Bid Fo~m) and a ~easonable <:) numbe~ of copies of the P~elimina~y Official Statement o~ such othe~ app~op~iate offe~ing documents. Section 9. Gene~al Autho~ization. The Financial Consultant and/o~ Bond Counsel a~e he~eby autho~ized and di~ected to open the bids at the time and place as shall be specified in said Notice Inviting Bids and to p~esent the same to the Agency fo~ conside~ation. The Financial Consultant and/o~ Bond Counsel a~e he~eby autho~ized and di~ected to ~eceive and ~eco~d the ~eceipt of all bids made pu~suant to said Notice Inviting Bids, to cause said bids to be examined fo~ compliance with said Notice Inviting Bids, to cause computations to be made as to which bidde~ has bid the o lowest net inte~est cost to the Agency and to p~esent such bids to the Agency as p~ovided in said Notice Inviting Bids. along with the - 5 - o o o o o o o report as to the foregoing and any other matters deemed pertinent to the award of the Bonds and the proceedings for the issuance thereof. Pursuant to Government Code Section 53691(c)(2), the Agency hereby expressly consents to the submitting of a bid or bids for the sale of the Bonds as set forth in said Notice Inviting Bids by Miller & Schroeder Financial, Inc., as the Financial Consultant to the Agency,. notwithstanding the financial advisory relationship of the Financial Consultant to the Agency as was previously authorized and approved by the Agency. Section 10. Effective Date. This Resolution shall take effect upon adoption. ADOPTED: Approved as to Legal Form and Adequacy: By: ion ,-- - 6 - o o o o o o o SECRETARY'S CERTIFICATE OF ADOPTION AND AUTHENTICATION I, GLENDA SAUL, Secretary of the Community Development Commission, DO HEREBY CERTIFY that the attached Resolution is a true and correct copy of Resolution No. adopted ,19 ,by the Community Development Commission of the City of San Bernardino, by the vote set forth below, and that said Resolution has not been amended or repealed. COMMISSION MEMBERS ESTHER ESTRADA JACK REILLY RALPH HERNANDEZ STEVE MARKS GORDON QUIEL DANIEL FRAZIER JACK STRICKLER DATED: Check Appropriate Box YEAS NAYS ABSENT ABSTAIN [] [] [] [] [] [] [~I [] [] [] [] [] [] [] [] [] [] [] [] [] [] [] [] [] 1=1 [] [] [] , 1987. [SEAL] Glenda Saul, Secretary of the Community Development Commission of the City of San Bernardino o o o o SBE00088-l/2289S/nb 3/27/87 o RESOLUTION NO. A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, PROVIDING FOR THE SALE OF AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $3,500,000 OF TAX ALLOCATION BONDS WITH RESPECT TO THE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA AND AUTHORIZING THE PREPARATION OF OFFERING DOCUMENTS AND THE PUBLICATION OF NOTICES TO SELL SAID TAX ALLOCATION BONDS OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO WHEREAS, the Conununi ty Development Conunission of the City . of San Bernardino (the "Conununity Development Conunission") is taking action for the Redevelopment Agency of the City of San Bernardino (the "Agency"), a redevelopment agency, (a public body, corporate and pOlitic), duly created, established and authorized to transact o business and exercise its powers, all under and pursuant to the Conununity Redevelopment Law (Part 1 of Division 24 (conunencing with Section 33000 of the Health and Safety Code of the State of California) (the "Law"), and the powers of the Agency include the power to issue bonds, notes or other forms of indebtedness for any of its corporate purposes; and WHEREAS, the Redevelopment Plan for redevelopment proj ect known and designated as the "Southeast Industrial Park Redevelopment Project Area" has been adopted and approved by Ordinance No. 3583 of the City of San Bernardino, California (the "City"), which became effective on July 24, 1976 (the "Redevelopment Plan"), and all requirements of law for and precedent to the adoption and approval c:> of the Redevelopment Plan have been duly complied with; and - 1 - . o o o o o o o WHEREAS, the Agency shall hereafter adopt its resolution approving and providing for the issuance of certain tax allocation bonds for the corporate purposes of the Agency to aid in the financing of a Redevelopment Project known as the Southeast Industrial Park Redevelopment Project Area (the "Project Area"); and WHEREAS, the Agency deems it necessary to authorize at this time the sale of the "Redevelopment Agency of the City of San Bernardino, Southeast Industrial Park Redevelopment Project Area, Tax Allocation Bonds, Issue of 1987". in an aggregate principal amount not to exceed $3,500,000 (the "Bonds") as shall be authorized by the appropriate Resolution of Issuance of the Agency; and WHEREAS. the Agency deems it advisable to approve a financial consultant and bond counsel and to authorize certain actions in connection with the issuance of the Bonds to be issued by the Agency; and WHEREAS, the Agency deems it necessary at this time to authorize the Agency Staff to prepare and publish the appropriate form of the Notice Inviting Bids and Notice of Intention to Sell Bonds and other offering documents for the purchase of said Bonds and to take certain other actions in connection therewith, as shall be further authorized by the Resolution of Issuance of the Agency. - 2 - o o o o c:; NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Approval and Appointment of Bond Counsel. The firm of Sabo & Deitsch, a Professional Corporation, is hereby approved. authorized and appointed to serve as Bond Counsel to the Agency in connection with the issuance and sale of the Bonds. Section 2. Approval and Appointment of Financial Consultant. The firm of Miller & Schroeder Financial, Inc.. is hereby approved. authorized and appointed to serve as the Financial Consultant to the Agency in connection with the issuance and sale of the Bonds. o Section 3. Sale Authorized. The sale of the "Redevelopment Agency of the City of San Bernardino, Southeast Industrial Park Redevelopment Project Area, Tax Allocation Bonds, Issue of 1987", in an aggregate principal amount not to exceed $3,500,000 in accordance with law, is hereby authorized. o Section 4. Notice of Intention to Sell Bonds and Notice Invitinq Bids. The Executive Director, with the assistance of the Financial Consultant and Bond Counsel to the Agency, is hereby authorized and directed to prepare the Notice of Intention to Sell Bonds and the Notice Inviting Bids and the Bid Form for the purchase of the Bonds. - 3 - o o o o o o o Section 5. Publication of Notice of Intention to Sell Bonds. The Secretary of the Agency shall cause the Notice of Intention to Sell Bonds, in a form as shall be approved by the Executive Director, to be publiShed in The Sun, newspaper published and of circulation San Bernardino, in general the City of California, by at least one (1) insertion and at least ten (10) days prior to the day to be fixed by Bond Counsel for the receipt of bids for said Bonds. The Secretary of the Agency shall also cause the appropriate form of Notice of Intention to Sell Bonds, in a form as shall be approved by the Executive Director, to be published in The Bond Buyer, a financial publication generally circulated throughout the State by at least one (1) insertion at least fifteen (15) days prior to the day to be so fixed by Bond Counsel for the receipt of bids for said Bonds. Section 6. Terms and Conditions of Sale. The terms and conditions of the Offering and sale of the Bonds shall be specified in said Notice Inviting Bids. Section 7. Official Statement Authorized. The Agency hereby authorizes, to be furnished to prospective bidders for said Bonds and to the successful bidder, a Preliminary Official Statement as prepared by the Financial Consultant with the approval of the Agency Counsel Executive Director / and Bond Counselor such other appropriate offering documents as shall be prepared by the Financial Consultant Agency Counsel with the approval of the Executive Director / and Bond Counsel substantially in the form of offering documents previously used by - 4 - o o o o the Agency for prior tax allocation financings. The Agency hereby <:) approves the completion of the Preliminary Official Statement by the inclusion and/or addition of certain dates and other factual information together with such changes, modifications and deletions as shall be deemed appropriate, necessary or desirable by the Agency Counsel Executive Director/ and Bond Counsel and as required to convert the same to a Final Official Statement. Section 8. Furnishinq of Notice Invi ting Bids and Official Statement. The Secretary of the Agency and the Financial Consultant are hereby authorized and directed to cause to be furnished to prospective bidders a reasonable number of copies of the Notice Invi ting Bids (inc luding the Bid Form) and a reasonable o number of copies of the Preliminary Official Statement or such other appropriate offering documents. Section 9. General Authorization. The Financial Consultant and/or Bond Counsel are hereby authorized and directed to open the bids at the time and place as shall be specified in said Notice Inviting Bids and to present the same to the Agency for consideration. The Financial Consultant and/or Bond Counsel are hereby authorized and directed to receive and record the receipt of all bids made pursuant to said Notice Inviting Bids, to cause said bids to be examined for compliance with said Notice Inviting Bids, to cause computations to be made as to which bidder has bid the lowest net interest cost to the Agency and to present such bids to c:; the Agency as provided in said Notice Inviting Bids, along with the - 5 - . o o i o o o o o report as to the foregoing and any other matters deemed pertinent to the award of the Bonds and the proceedings for the issuance thereof. Pursuant to Government Code Section 53691(c)(2), the Agency hereby expressly consents to the submitting of a bid or bids for the sale of the Bonds as set forth in said Notice Inviting Bids by Miller & Schroeder Financial, Inc., as the Financial Consultant to the Agency" notwithstanding the financial advisory relationship of the Financial Consultant to the Agency as was previously authorized and approved by the Agency. Section 10. Effective Date. This Resolution shall take effect upon adoption. ADOPTED: Approved as to Legal Form and Adequacy: By: Counsel to the Commission - 6 - . o c o o ,0 o o SECRETARY'S CERTIFICATE OF ADOPTION AND AUTHENTICATION I, GLENDA SAUL, Secretary of the Community Development Commission, DO HEREBY CERTIFY that the attached Resolution is a true and correct copy of Resolution No. adopted ,19 ,by the Community Development Commission of the City of San Bernardino, by the vote set forth below, and that said Resolution has not been amended or repealed. Check Appropriate Box COMMISSION MEMBERS YEAS NAYS ABSENT ABSTAIN ESTHER ESTRADA [] [] [] [] JACK REILLY [] 1=1 1=1 [] RALPH HERNANDEZ [] 1=1 [] [] STEVE MARKS [] 1=1 [] [~I GORDON QUIEL [] 1=1 [] [] DANIEL FRAZIER [] 1=1 [] [] JACK STRICKLER 1=1 1=1 1=1 [] DATED: , 1987. Glenda Saul, Secretary of the Community Development Commission of the City of San Bernardino [SEAL]